How to detect a possible identity theft using a credit report

Identity theft has become one of the most extended forms of fraud today, and certainly is the fastest-growing crime in the United States. It is relatively easy for a criminal to steal someone’s identity once personal information such as name and address, social security number and credit information of other kind has been obtained. Think about it, how many times you bought something and the salesman asked you just a couple of simple questions to confirm who you are? Now… what if someone else can answer those simple questions using YOUR answers?

Obtaining this kind of information is not easy; however once a person with bad intentions gets this data, there is only one way to stop this person from stealing someone else’s identity: following credit status constantly.

Obtaining your credit details is easy, as there are many reputable companies that will allow you to get a free credit report online. Most of these companies also offer credit monitoring services for a small fee, allowing you to keep track of your credit history and highlight any variation in your credit score.

Watching the status of your credit frequently can help you identify any possible irregularities that may indicate a potential case of identity theft. It may be already too late for preventing someone else buying things or claiming money under your own name, but it’s not too late for stopping him from doing it again.

Carefully check the “inquiries” section on your credit report. This section shows all the requests you have made for credit, and the applications that were submitted by you. It also may show inquiries made by your employer or creditors, as it is normal practice for them to check your credit status every now and then. However, if any showed date or company name in this section seems to be out of place, you are advised to seek help from a professional, as this “inaccurate” information may be a potential indication of identity theft.

A credit report will of course show any changes on your bank accounts. Keep an eye opened for unusual activity, like modifications to accounts you don’t use any more, or high activity on accounts that you rarely use.

In addition, a credit report will not only show your financial information and credit history, but also other information, like foreclosures, liens, evictions and other kinds of public records. This information is extremely useful to identify potential identity theft too.

In case you find any unusual activity that makes you suspect a possible theft of identity, you should report it immediately to the authorities, as well as to each one of the companies affected. This will give you peace of mind, and if your fears turn out to be true, then you already have taken your first step to stop the criminal’s activities.

Many people find doing this regularly time consuming and after some time they drop it. Fortunately, there are available in the market credit report monitoring services that do this for you at a reasonable fee. Visit our comparison page for more details.

Taking these things into consideration may be what saves you from many more troubles; you are the only one who can stop this kind of fraud.

Take care!
Jack Bronstein
Credit Report Watcher Team